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International Absorbents Inc/s (NYSE: IAX) shares are currently trading at $194.34 per share. You have decided to implement a Modified Butterfly Spread strategy all involving

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International Absorbents Inc/s (NYSE: IAX) shares are currently trading at $194.34 per share. You have decided to implement a "Modified Butterfly Spread" strategy all involving options that expire in 1-month. You do the following: Long 1 PUT options with Strike Price = $195 Short 3 PUT options with Strike Price = $190 Long 2 PUT options with Strike Price = $175 Show in a table AND a graph, the payoff and profits of the strategy. [Payoff/Profit should be on the same graph] Explain briefly the bet behind this strategy and what the break-even stock prices/ranges are at maturity

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